| IFRS in Focus IASB issues new Standard on revenue recognition We are pleased to send you the latest edition of our IFRS in Focus newsletter: The International Accounting Standard Board (IASB) has just published its new revenue Standard, IFRS 15 Revenue from Contracts with Customers. IFRS 15 specifies how and when revenue should be recognized as well as requiring more informative and relevant disclosures. The standard supersedes IAS 18 Revenue, IAS 11 Construction Contracts and a number of revenue-related interpretations. Application of the standard is mandatory and it applies to nearly all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. IFRS 15 must be applied in an organization's first annual IFRS financial statements for periods beginning on or after January 1, 2017 with early application permitted. The 2017 effective date has been chosen, in part, to allow time for entities to make changes to systems and processes that may be needed in order to comply with IFRS 15. This newsletter summarizes IFRS 15 key provisions, including the specific steps for recognizing revenue, the disclosure requirements; and its effective date and transition. As IFRS 15 will have a major impact for organizations in several industries, Deloitte analyzed its impacts in a number of industries, including: Watch for these summaries early next month. Finally, do not forget to register for our upcoming live webcasts scheduled for: You will continue to receive IFRS in Focus newsletters on the basis of your subscription choices. | 
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